Bear, Stearns & Co. announced today that it has snagged three executives from rival firms in an effort to beef up its global prime brokerage business.
Douglas Stern, a senior managing director and industry veteran, will help manage the prime brokerage sales team focused on the firm’s largest hedge fund relationships, while Joseph Aurilio, a managing director and Ted Post, an associate director, will both focus on new business development.
Stern joins from Morgan Stanley’s prime brokerage unit, where for seven years he was responsible for managing relationships and developing business with some of that firm’s largest clients. He also managed a team responsible for newly launched hedge funds.
Aurilio joins from UBS where he was a technology and electronic trading specialist, working with prospects and existing clients.
Finally, Post joins from Banc of America Securities where he was responsible for selling prime brokerage and equity derivative products to hedge funds and financial institutions.
“These additions to our staff will add terrific value to our franchise and will help us to provide clients with more world-class products and capabilities,” said Louis Lebedin, head of Prime Brokerage Services.
These latest hires in New York come on the heels of three appointments in the U.K. as Bear Stearns attempts to strengthen its prime brokerage franchise globally. Those hires included Paul Brannan, head of prime brokerage, Europe, James Shekerdemian, head of sales for prime brokerage, Europe, and Andrew Jamieson, head of equity finance, Europe.